Singapore Exchange Ltd

S68: XSES (SGP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SGD 34.20	Xxy	Qyjhnntl

Singapore Exchange: Valuation Adjusted Down but Shares Still Screen as Undervalued

Roy Van Keulen

Dec 15, 2023

We adjusted the fair value estimate for wide-moat Singapore Exchange down by 5% to SGD 12.40 to account for smaller trading volumes in the equity division fiscal year to date and the possibility that China’s economic woes will persist for longer than previously forecast. The exchange’s shares continue to trade at a material discount to our fair value estimate.

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